It lets you do this:
- In the Browser, when your viewing URL that you want to share, select "Menu" > "More" > "Share page" > "QR Droid"
- There, you'll be able to generate QR code with a click, and to optionally shorten it first so resulting QR code has less data an therefore is easier to read by decoders

After generating QR code, it allow you to share image or URL from Google Chart as text

It will also allow you to enter structured info (URL's, Contact Info, Wifi-network credentials), and creates QR Codes from that. The benefit there is that you may have apps that are set up to handle structured data. E.g.: a URL QR code will automatically open up your web browser at that address. Contact QR codes will create a new contact in your address book, and so on.